Refinance is the process where you take a new loan on your existing car (before the vehicle has been completely paid off). This extends the finance term on the vehicle which can lower the finance installment and can generate extra immediate cash flow.
ADVANTAGES OF RE FINANCE:
- You can stand a chance to qualify for a better interest rate (Provided that you have been paying your installments regularly)
- When you finance the outstanding amount over a full term your monthly installments will be considerably less.
DISADVANTAGES OF RE FINANCE:
- You will start with a new loan and term. For example: Instead of having two years left on your current repayment loan you will start with a new five year term.
CRITERIA FOR RE FINANCE:
Your car should be 'financeable' - here is a short checklist to validate your car.
- Age of vehicle: The car in question may not be older than 10 years.
- Odometer reading: If the mileage is too high on the vehicle you will not be able to refinance it.
- Overall condition of the vehicle
WHAT IS THE FIRST THING I DO NEXT?
Please fill in the form and we will have one of our consultants give you a call to apply for refinance.
Apply NowPLEASE NOTE: We can unfortunately not finance blacklisted or debt review clients.
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- Has it ever been in an accident?
- Has it ever been reported stolen?
- Is it still financed elsewhere?
- Who were the previous registrants?
- Is the odometer reading correct?
- The best price on your new purchase
- The best interest rate possible
- Trade in assistance